Is your company market- or product-orientated?

Market- or product-orientation?

Your company has decided to enlist a market research agency to help you establish product or service viability, discover new market trends, keep ahead of competitors, reduce risk, and increase profitability. But first, you need to discover if your company is market- or product-orientated as this will allow you to know what direction the research will be guided in. The characteristics of a market-orientated company: In a market-oriented company, the focus falls solely on what customers need or want and then products or services are … Continue reading

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Debunking 6 common market research myths

Debunking market research myths

Getting a market research agency in to help your company may seem like a risky endeavour, especially if you are not familiar with this arena and do not know what to expect. Further muddying the waters are a number of myths which are often perpetuated about the profession. Here we dispel some of the most common myths about market research. Myth 1)  Market research is too expensive to do Market research is only expensive if you don’t set boundaries. Every market research agency has the … Continue reading

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The importance of doing market research

Importance of doing market research

Market research is the process of gathering, recording and analyzing qualitative and quantitative data. This data usually relates to a specific market’s characteristics. Market researchers use techniques like feasibility studies, advertising evaluation, customer satisfaction surveys, mystery evaluations, tracking studies and so forth. It has been established that the majority of product or company failures come from the fact that little to no market research was done beforehand. As it is said, failing to prepare is preparing to fail. So, wherein lies the importance of market … Continue reading

Posted in Market Research